Ripple (XRP) has been struggling to maintain growth following the US SEC v. Ripple Labs case ruling that XRP is not a security. This has caused investors to liquidate their positions, including a whale that recently moved over 29 million XRP, worth more than $15 million, to the Bitstamp cryptocurrency exchange.
According to a Whale Alert report on August 24, the whale transferred 29,300,000 XRP, valued at $15.13 million, to the Bitstamp. This was followed by the transfer of another 14 million XRP to Bitso, which could indicate that the whale is looking to sell its XRP holdings.
At press time, Ripple (XRP) was trading at $0.5149, down 1.64% in the past 24 hours. The XRP trading volume decreased 4.56% today due to fears surrounding the future of XRP.
Judge Torres allowed the US SEC to appeal the Ripple (XRP) case, causing the XRP price to sharply drop and break through the $0.6 and $0.5 support levels. Although the price has slightly risen since then, it could suffer a sharp decline if traders and whales decide to sell their holdings in fear of the outcome of the SEC appeal.
The appeal case between Ripple and the US SEC is predicted to commence in the second quarter of 2024, based on the SEC and Ripple Labs court notifications, as well as those of CEO Brad Garlinghouse and executive chairman Chris Larsen.